A Few Ways to Raise Employee Retention
As the economic landscape shifts so too will employee attitudes in regards to their role at work and how they are valued. Many employees are now seeking opportunities with businesses who can provide their workers with some scheduling freedoms. The majority of workers asking for such flexibility comes from the millennial generation who have now surpassed the baby boomers as the largest generation.
Now, more and more businesses are offering flexible schedules or the option to work virtually from home, as an additional benefit to help employees maintain a balanced work-life schedule. The result? Happier workers and less turnover.
“After implementing a flexible work schedule and taking a more relaxed management approach, Solix’s turnover rate decreased to under 5%, its absence rate dropped to 0.6% of hours worked, and revenues have tripled in the last six or seven years.”
However, a flexible work life isn’t the magic solution for all business owners. There are other methods to help employees know how much they are valued.
1. Opportunities for growth
Chances are, the longer someone stays in the same position the greater the chance of them quitting. Employees can feel “stuck” after a while which is why it is important to clearly communicate to your employees about the ability for them to grow within your business. Help them find their strengths and then reward them with new positions that involve a raise and new responsibilities that play to those strengths.
2. Build their skill set
Keep your employees involved within the company by having them learn new skills. This will help your company grow and become more versatile. Employees will feel motivated and engaged to continue working at a company that encourages their workers to learn skills that may be outside of their comfort zones. This could be in the form of time off for studying, personal development training or even paying for their continued education.
3. Improve work-life balance
Did an employee work over 40 hours one week? Give them the option to take a day off the next week. Not all employees may want to work from home so consider asking them if they have any ideas that you may be willing to work around. The idea is to make it easier for them to do their jobs so they are dealt with less stress. This will help keep valuable team members who might otherwise be tempted to work for a competitor who provides a balanced work-life schedule.
4. If your team works from home, give them an escape
Obviously, you don’t want to have your employees inviting clients to their home for a meeting. At Green Hills Office Suites, you and your team members have the option of coming in to use our facilities including executive business lounges, day offices, meeting rooms, and the break room.
One of the main reasons why employees leave a company is compensation. While money isn’t everything, it is still a major contributor when it comes to job satisfaction. Don’t assume that your employees are content with what they are being paid. Review your salary structure often in order to ensure that you are offering them competitive wages and benefits.
6. Reward accomplishments
A little recognition goes a long way. If your team performs well, be sure to show your appreciation genuinely. Don’t offer praise for the sake of it, though, this can come across as false. When you recognize their efforts, employees are more likely to feel valued and therefore more committed to your company. Schedule team getaways and field trips to locations they want to go to. Little bonuses, like gift certificates for a fine dining establishment or movie tickets, are a great way to recognize achievements in a tangible and public way.
7. Utilize their full potential
People can become discouraged at work if they aren’t stimulated properly. If you have promising employees, make sure that you utilize them to their full potential or they might find another company that will. Motivated people contribute to areas outside of their specific job role. Discover their potential and try to tap into it.
At Green Hills Office Suites, we have very flexible virtual office solutions for business owners who have remote teams and understand their employee’s work-life balance. Contact us today for more info!